The crypto market is approaching a potentially decisive moment as lawmakers prepare for a September 15 procedural vote on the Clarity Act, a market-structure bill backed by Trump and viewed by traders as a possible catalyst for institutional investment. Bitcoin has risen 20% in recent weeks to around $80,000, up from a summer low of $60,000, amid concerns that the U.S. economy is entering a $40 trillion debt-related “death spiral.” Patrick Witt, executive director of U.S. president Donald Trump’s council of advisers on digital assets, warned that failure of the motion-to-proceed vote could leave the legislation without another opportunity for an uncertain period. Treasury secretary Scott Bessent urged lawmakers to remain engaged and said failure would send a “troubling signal” about U.S. crypto leadership. Senator Cynthia Lummis released a revised 630-page bill incorporating more than 114 provisions requested by Democratic colleagues. The proposal would divide crypto-market oversight among U.S. regulators and require certain non-decentralized finance, or DeFi, protocols to register with the CFTC (U.S. derivatives regulator). It would also address securities, commodities and anti-money-laundering requirements for people or groups controlling those protocols. The latest version retains the ethics provisions that many Democratic lawmakers oppose and has no Democratic support, with at least six Democratic votes needed. Prediction markets Polymarket and Kalshi currently put the odds of passage before year-end at about 20%.